v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes information and activity related to the Company’s stock options:
Number of
Stock Options		Weighted Average
Exercise Price		Weighted Average
Remaining Contractual Life
(in years)		Total
Intrinsic Value
(in thousands)
Outstanding as of December 31, 20241,890,932 $15.69 6.8$920 
Options granted821,192 7.63 
Options exercised(32,515)4.59 
Forfeited (unvested)(58,406)6.90 
Outstanding as of December 31, 20252,621,203 $13.50 6.9$5,057 
Options vested and exercisable1,416,162 $19.19 5.2$3,127 
Schedule of Components of Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense recorded in the consolidated statements of operations and comprehensive loss (in thousands):
For the Year Ended December 31,
20252024
Research and development$1,093 $582 
General and administrative1,604 870 
Total$2,697 $1,452 
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards
The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following weighted average assumptions.
OptionsFor the Year Ended December 31,
20252024
Risk-free interest rate
3.7% - 4.4%
3.4% - 4.3%
Expected dividend yield0.0%0.0%
Expected volatility
100.0% - 110.4%
79.5% - 107.8%
Expected term in years
5.0 - 6.1
5.0 - 6.1